CBN Approves List of Licensed Payment Banks

The Central Bank in Nigeria, CBN, has stated that Three Payment Service Banks (PSB) have  been granted final approval to operate as PSBs following compliance with licensing requirements.

The three Payment Service Banks granted approval are Hope PSB, Moneymaster PSB and 9 PSB.

This is even as the CBN revised the Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria first issued on October 26, 2018 on Friday.

The update and review of the Guidelines for Payment Service Banks was in response to market developments since 2018, it stated on its official Twitter handle.

"The licensing of the new PSBs will strengthen Nigeria’s financial inclusion drive leveraging mobile and digital channels.

"The CBN is committed to the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders.

"The CBN will continue to monitor developments in the sector and grant additional PSB licenses in due course", it tweeted.

Enjoyed this article? Stay informed by joining our newsletter!


You must be logged in to post a comment.

About Author